Insights | Former ambassador: 'Overcapacity' claim reveals U.S. and Europe fear of losing in new energy industry

2024-04-30 ECNS App Download

By Lin Zhuowei

(ECNS)--Since U.S. Treasury Secretary Janet Yellen visited China in early April, growing criticism of "overcapacity" in China's new energy industry has been all over Western media.

"The U.S. and European narrative on China's ‘industrial overcapacity' reflect the fears of losing their investment in the clean energy products, such as solar, EV, and semiconductors from similar products from China that are more competitive," said Dato Abdul Majid, president of the Malaysia-China Friendship Association and former Malaysian ambassador to China, in an exclusive interview with China News Network.

"China's success in new auto technology, high-end manufacturing, supply chain, and infrastructure have lowered the cost of production," said Majid.

Facing increasingly fierce market competition and competitive Chinese products, the "overcapacity" narratives that the U.S. and some European countries chose to spread in response "reflect their inclination to resort to trade barrier measures", according to Majid.

As climate change accelerates, it is imperative for the U.S. and Europe to realize the urgency of the climate challenge and for all parties to refrain from escalating the existing trade frictions and collaborate on the solution to the shared crisis, urged Majid.

"The production of competitive green solutions should be encouraged and worked together," Majid stressed, "the production of these competitive products by China should not be hindered."

"China, too, must ensure the stability of the global market and strive for a win-win solution," added Majid.

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